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Friends,
Our friend Morgan Housel has a new podcast. It hasn’t disappointed.
He recently detailed the fate of two men who entered a 1968 London-based race to be the first person to sail around the world.
- Donald Crowhurst had failed in a lot in his life. He wanted to prove he wasn’t a failure. But a few months into the race, he sprung a leak. He knew it’d be fatal to sail around South Africa’s Cape of Good Hope. So he hung out in the Atlantic for six months to make it seem like he sailed around the world.
- Bernard Moitessier loved sailing. He didn’t care much about world records. He just liked being on his boat, and the race was a perfect excuse to maximize his time on it. A few months in, he rounded South America’s Cape Horn long before the competition.
Neither one of them ever returned to London.
Donald realized he’d likely “win”. But with the attention he’d get from winning, people would see he was a fraud. Unable to stand such embarrassment, he threw himself into the ocean and died.
Bernard also realized he’d likely win. With the attention he’d get from winning, his identity would be linked to winning — and not sailing for the sake of sailing. He turned his ship around and sailed to Tahiti. He built a house on the beach, grew his own food, married a local, and spent the next 25 years living happily there.
The story is a great reminder: are you investing to impress others, or so that you can experience things in life that bring you genuine joy?
Everyone’s journey towards financial independence can look the same from the outside looking in. But if your motivation is solely to impress others, it’s likely to be a long and depressing experience on the inside looking out.
We don’t want that for ourselves, or for you.
Wishing you investing success,
– Brian Feroldi, Brian Stoffel, & Brian Withers
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SVB unraveling has dominated the headlines this past week. We won’t spam you with more on the topic, but we thought you’d be interested this post from Ben Carson which is a fascinating look at the psychology of bank runs.
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Charlie Munger is a fountain of wisdom. This great thread by Daniel breaks down his core investing principles.
May 15th 2022
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Marketers are always looking for ways to fill your inbox with content you may not be interested in. Fight back with Temp Mail, a disposable email address to help keep your real mailbox clean and secure.
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More From Us:
👨🎓 Our first cohort of Valuation Explained Simply started Tuesday. If you missed it, click here to join the waitlist and be notified when we offer it again.
📗 Brian Feroldi’s book is on sale.
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